A personal loan is a type of unsecured loan from a bank or a non-banking financial company (NBFC) to meet their individual needs. As they are unsecured, interest rates on personal loans are higher than those on home, car, or gold loans.
Such loans are provided based on income level, credit and employment history, repayment capacity, and much more. To get a personal loan, one must have a regular income source. Generally, such a loan is sanctioned to a salaried individual, self-employed business person, or a professional.
Loan disbursement is the stage in which the banks or NBFCs transfer the loan amount to the borrower’s bank account. The borrower seeking a loan for any purpose finds the loan amount (either in whole or partial) in his bank account, and he can use the funds for the purpose for which he has taken the loan.
Once you make the loan application, the loan is disbursed to the lender within 7 – 10 working days. The range of days may vary across lenders and the time taken in the due diligence process they carry before disbursement of the loan.
The first step is to apply for the loan either through the bank/ NBFC or by going to their branch office. The borrower will be required to enter the details asked in the loan application form. Along with the loan application, the borrower will be required to submit identification cards, utility bills, income-tax returns, credit reports, and many more. The banks/ NBFC may ask for additional papers based on their policies.
Navi offers cash loans for amounts up to Rs.20 lakh for a maximum of 6 years at interest rates starting from 9.9% p.a. The process is simple and 100% paperless. The borrower must download the Navi app, enter the loan and (Equal monthly installments) EMI amount, complete the Know your customer (KYC) process by uploading the PAN and Aadhar and enter their bank details.
The loan amount will instantly be credited to the borrower’s account. If you’re planning to buy a house, you can download the Navi app and apply for a home loan. You can get home loans up to Rs. 10 crores at attractive interest rates starting from 8.74% p.a.
Ans: Personal loans are 100% collateral-free unsecured loans. So, there is no need to mortgage any collateral against the loan.
Ans: No. You are not required to submit any physical copies of your documents. You only need to upload the PAN and Aadhar on the Navi app to apply for the loan.
Ans: The loan amount will be disbursed instantly once all the required details/ documents are entered and uploaded on the Navi app. If your personal details are correct and you meet the eligibility criteria, the loan will be disbursed in 20 minutes directly into your account.
Ans: The timeline is different for different lenders. However, with Navi’s, you can get a loan in minutes.
Ans: Existing bank customers can use their net banking accounts to track the status of their loan applications. To check the status of your application, log in to your account and click on the Loans section. With Navi, you can track your loan details through the Navi app.
Ans: For any financial queries, including a Personal loan, a person can verify the loan status by calling the customer service numbers. You can also speak with the officer in charge of the branch where you applied for a personal loan regarding the status of your application.
Ans: A: Your Loan ID is a three-digit number that indicates the sort of loan you have (new vehicle, adjustable-rate mortgage, line of credit, etc.). Your Loan ID is not the same as your Account Number.
Looking for instant 🚀 personal loans 24*7 anywhere, anytime? Get personal loans up to ₹20 lakh starting at 9.9% p.a. Install the Navi app now!
Disclaimer: This article has been prepared on the basis of internal data, publicly available information and other sources believed to be reliable. The information contained in this article is for general purposes only and not a complete disclosure of every material fact. It should not be construed as investment advice to any party. The article does not warrant the completeness or accuracy of the information, and disclaims all liabilities, losses and damages arising out of the use of this information. Readers shall be fully liable/responsible for any decision taken on the basis of this article.
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